- (1.) RESPONDENT 1 (transferors) and one M/s. Atul Enterprises Pune (Respondent 6) entered into an agreement on 14.11.1994 over the land owned by Petitioners, an open plot of land of 3 hectares and 93 acres in Village Varje, Haveli Taluka, Pune, land was north of National Highway on a hilltop and consideration was Rs. 80,00,000/ - of which development rights (for 7 acres) were given to Respondent 6.
(2.) FORM No. 37 -I was filed on 28.11.1994 with a copy of the agreement pursuant to which the appropriate authority called for details on 14.12.1994. Show cause notice was issued Under Section 269UD(I) to both Respondent 1 and 6 on 9.2.1995 stating that discounted value of apparent consideration would be Rs. 69,00,000/ - (Rs. 80,00,000/ - minus Rs. 11,00,000/ - being the amount it was undervalued by.
(3.) PRE -emptive Purchase order of immovable property of Respondents was passed Under Section 269UD(I) for a net consideration of Rs. 69 lakh on 23.02.1995 as property value was undervalued by more than 15%.;